In the wake of downward spiraling real estate values, there surfaced a new problem- the hundreds of homeowners who have hefty mortgages to pay every month, and who are struggling to deal with the global recession. It is hoped that this current program will help close to 4 million homeowners avoid foreclosure. The huge amount of $75 billion dollars, has been pumped into this program which offers incentives to participating lenders as well. Homeowners, who are punctual in making payments, can get a reduction of up to $1000 deducted from the principal amount of their loan, for a maximum period of 5 years.
Homeowners need to work out an affordable loan modification plan with their lenders, and decide on what kind of assured payment can be made each month without fail, for a long term. Applying for this program requires some paperwork to be completed. An application form, a financial statement, documents verifying your monthly income and assets, as well as a letter explaining why a loan modification is necessary , have to be submitted. Since there are bound to be many such applications, it is important to analyze your finances properly, see if you meet the guidelines laid down for such a program and give the correct details while filling in the application. A reduced interest rate upto 2%, a longer loan term and forfeiture of loan principal are a few added benefits of applying for a loan modification. Help is at hand to withstand these troubled times.
Qualifying and getting approved for a loan modification is easy.
View this post on my blog: http://www.federalpersonalloan.com/federal-personal-loan/obamas-federal-loan-modification-program-brings-good-news-for-homeowners-across-america.html
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